138 S Westmoreland Avenue, Los Angeles, CA 90004
- $3,400,000
- 32
- BA
- 18,604
- SqFt
- List Price
- $3,400,000
- Status
- ACTIVE
- MLS#
- 26993013
- Year Built
- 1926
- Bathrooms
- 32
- Living Sq. Ft
- 18,604
- Lot Size
- 7,924
- Acres
- 0.18
- Days on Market
- 18
- Property Type
- Multifamily
- Stories
- Multi Level
Property Description
138 S Westmoreland Ave | 33-Unit Value-Add Multifamily, Los Angeles. The property is a 1926-built asset totaling 18,604 SF on a 7,922 SF lot in Rampart Village, on the northern edge of Koreatown and within walking distance of the Metro B Line. It features (31) studio units averaging 445 SF and (2) 1+1 units at 625 SF. Twenty-eight units are currently occupied, and 21 of them rent below market. Four long-term tenancies dating to 20052011 sit 34%67% below the $1,395 studio market rent, and four vacant studios are ready to lease at market. Offered at $3,400,000 ($103,030/unit | $182.76/SF) with a 6.30% current cap rate, the real story is the rent-to-market gap a 7.71% pro forma cap and an entry roughly 12.7% below the ~$118K/unit average of recent comparable sales.
Additional Information
- Heat
- None
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 33
Listing courtesy of Listing Agent: Taylor Avakian (taylor@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.